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You’ve been Googling ways to alleviate your debt. Many experts suggest refinancing or consolidating.
In the next breath you ask: What’s the best company?
Upon more research, you find there are something like one zillion options, but you keep hearing mentions of Upstarta non-traditional lending platform.
What’s so special about it? In addition to assessing your ability to pay back a loan based on your credit score, it takes other factors into consideration, like your education and employment history.
“We really customize rates to the individual, meaning we’re [pricing] specific to each person based on the information they’re giving us,” Jungwon Byun, the head of growth at Upstart, said in an email. “You get the rate you deserve — not the rate a pool of people assigned to you deserves.”
So… What Is Upstart?
Upstart is a lending platform that’s striving to change the personal loan game.
Many lenders are stuck in a traditional approach of determining creditworthiness based on your credit history. But Byun explains this leaves out an entire segment of the population — even though they’re totally creditworthy.
“By considering these other aspects, we can bring those people back into the conversation and help them get lower and better rates,” she said.
Before diving too deeply, here are some specifics on loans from Upstart:
| Loan amounts | $1,000 to $50,000* |
| Terms | Three and five years** |
| Interest rate | 6.72% to 26.38% |
| APR | 9.57% to 29.99% |
| Origination fee | 0% to 8% |
| Late payment fee | The greater of 5% of the past due amount or $15 |
| Credit inquiry? | Initial soft inquiry for a quote; if you submit application, hard inquiry |
| Time to funding | Typically a business day |
| Requirements | Listed in Upstart‘s help section |
Who’s Upstart Best for?
Deciding to secure a loan is a personal decision. Upstart tends to be especially helpful for recent grads, who have a short credit history and a mound of student debt.
Byun said she recently spoke to…
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